Lifting the Offer: Bitcoin trading the week of November 23, 2015

The price of bitcoin was up just over 1% the past week, touching a high of $344 on Wednesday before settling in the $320-$325 range to close out the week. With the looming Thanksgiving holiday this week in the U.S., traders should anticipate lower volumes and stagnant prices.

Bitcoin Price Recap

This modest week-over-week increase is not reflective of the market’s price movements which showed signs of heading back to the mid 300s early in the trading week. The bitcoin market was up nearly 6% through Wednesday before falling 5% by close of business Friday.

The market established a solid new support level at $310 on Thursday, and rounded out the week trading in the low $320s after a quiet weekend.

Bitcoin by the Numbers

Bitcoin Trading Week Ahead

Although bitcoin trades 24/7, the shortened trading week in the U.S. market may prove disruptive for global traders. With the U.S. federal wire system offline Thursday for Thanksgiving and many institutional trading desks on holiday through Monday, volumes will likely be low throughout the trading week. Given the expected lack of volume, traders should be prepared for heightened volatility, particularly on Thursday and Friday.

This week, traders can find support at $310 and resistance at $328.

Best Bits from Last Week

Bobby Chois the Director of Trading at itBit and leads our OTC Agency Trading Desk. Previously, Bobby was Vice President of Trading at SecondMarket where he helped create the first broker-dealer based institutional bitcoin trading desk. He has extensive experience in both bitcoin and securities trading with clientele ranging from Fortune 500 companies, hedge funds, asset managers and other financial institutions.

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